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Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, has implemented a state of art Operational Risk Management system provided by MetricStream, to consolidate operational risk data and convert it into actionable risk intelligence that can support better decision-making and improved business performance.
This initiative is part of QIB’s Board of Directors strategic direction to invest in technology in order to maintain QIB’s leadership in the banking sector and it is in line with Qatar’s vision to technologically advance the country’s financial services sector.
The system will capture and analyze operational risk data across multiple business lines, products and processes in an efficient, consistent and integrated manner supporting the Bank to achieve sustainable profitability and strong governance of operational risks.
Considering the increasing operations of the Bank, it is essential for senior managers to assess operational risks when formulating business strategy and making decisions. The new system will provide QIB with a single, comprehensive view to manage operational risk management requirements. The system supports operational risk identification and assessment, control evaluation, issue remediation, KRIs monitoring, and risk reporting. It cuts across organizational siloes, gathering and transforming operational risk data into critical risk intelligence to strengthen decision-making. Supported with a flexible data model and extensive workflow capabilities, it will centralize all data and processes related to operational risk management and their corresponding controls and mitigation plans in a reusable library.
The new system will integrate with existing IT systems to automatically and seamlessly gather relevant information for risk assessments, risk monitoring, and reporting. This approach will free up resources and costs to be directed to more value-added activities such as risk analysis and proactive management of operational risk helping the Bank to further strengthen a culture of operational risk awareness in full compliance with the regulatory requirements of the Qatar Central Bank.
“QIB is continuously investing in cutting edge technology as part of the Bank’s ongoing efforts to upgrade its IT infrastructure. Operational Risk has been a key focus area in Bank for the past few years and the new system will help us strengthen a strong operational risk management culture and reduce the Bank’s exposure to operational risks. In addition, it will allow us to improve customer service and increase internal efficiencies”, said Mr. Rakesh Sanghvi, QIB’s Group Chief Risk Officer”.
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© Press Release 2016
